Article to Share:Massachusetts up 61K jobs on the year, unemployment lowest in 15 yearsNovember 22nd, 2016 | Tags: jobs
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Massachusetts up 61K jobs on the year, unemployment lowest in 15 years
SPRINGFIELD — Massachusetts lost 5,500 jobs in October, according to statistics released Thursday by the state Executive Office of Labor and Workforce Developmentand the U.S. Bureau of Labor Statistics.
But the state’s unemployment rate continued to fall in October, going to 3.3 percent from 3.6 percent in September. At 3.3 percent, the state’s unemployment rate is within the range economists think of as “full employment,” when everyone who wants a job can find one in a reasonable period of time. It’s the lowest unemployment rate recorded in the state since April 2001.
Job gains occurred in the Professional, Scientific and Business Services, Manufacturing, and Other Services sectors, according to the state.
Local jobless rates for October won’t be available for a few weeks. But in September, the unemployment rate in the city of Springfield fell to 6.3 percent, the lowest level in nearly a decade, according to the state Executive Office of Labor and Workforce Development.
Springfield’s unemployment rate was last this low in December of 2007, nearly nine years ago and prior to the Great Recession.
Nationally, the unemployment rate was 4.9 percent in October.
Unemployment rates are derived from a survey of households. Jobs numbers come from a survey of employers and are revised based on payroll tax data because the survey can sometimes miss startups and fast-growing but small companies.
Details of the October state report:
- Jobs on the month: Massachusetts lost 5,500 jobs in the month.
- Jobs in September: The state gained 8,100 jobs in September compared to the previously published 5,100 job gain estimate.
- Jobs on the year: Year-to-date, Massachusetts has added 61,300 jobs.
- Unemployment rate: At 3.3 percent, the seasonally adjusted unemployment rate is down 1.5 percent over the year from 4.8 percent in October 2015.
- Fewer unemployed: There are 55,400 fewer unemployed residents and 100,700 more employed residents over the year compared to October 2015.
- Labor force participation rate: The total number of residents 16 or older who worked or were unemployed and actively sought work in the last four weeks is 64.9 percent, down one-tenth of a percentage point over the month. Over the year, the labor force participation rate has increased three-tenths of a percentage point compared with October 2015.
- Since the Great Recession: Since the unemployment rate peaked at 8.8 percent in September 2009, there are now 327,100 more residents employed and 186,800 fewer residents unemployed as the labor force increased by 140,400.
Job gains and losses by sector of the economy:
- Professional, Scientific and Business Services gained 1,700 (+0.3%) jobs over the month. Over the year, Professional, Scientific and Business Services added 18,100 (+3.4%) jobs.
- Other Services added 1,400 (+1.0%) jobs over the month. Over the year, Other Services was down 1,000 (-0.7%) jobs.
Manufacturing added 100 (0.0%) jobs over the month. Over the year, Manufacturing gained 1,100 (+0.4%) jobs.
- Education and Health Services lost 4,100 (-0.5%) jobs over the month. Over the year, Education and Health Services gained 22,800 (+3.0%) jobs.
- Trade, Transportation and Utilities lost 2,400 (-0.4%) jobs over the month. Over the year, Trade, Transportation and Utilities added 3,600 (+0.6%) jobs.
- Leisure and Hospitality lost 1,600 (-0.4%) jobs over the month. Over the year, Leisure and Hospitality added 8,500 (+2.4%) jobs.
- Financial Activities lost 900 (-0.4%) jobs over the month. Over the year, Financial Activities gained 2,700 (+1.2%) jobs.
- Information lost 300 (-0.3%) jobs over the month. Over the year, Information added 300 (+0.3%) jobs.
- Construction lost 100 (-0.1%) jobs over the month. Over the year, Construction has gained 10,200 (+7.3%) jobs.
Government added 700 (+0.2%) jobs over the month. Over the year, Government gained 5,200 (+1.2%) jobs.